HARARE – Zimbabwe’s largest platinum producer Zimplats profit after tax slumped by 88 percent to $3,9 million in the half year to December 2014 from $42 million recorded in prior comparable period due to depressed sales and metal prices. The unit — 87 percent owned by South Africa’s Impala Platinum — also attributed the weak…
HARARE – Meikles Limited (Meikles) executive chairman John Moxon claims there are elements with “negative agendas” behind the group’s saga involving its nearly $90 million debt owed by Reserve Bank of Zimbabwe (RBZ). This comes as Meikles was suspended from the Zimbabwe Stock Exchange (ZSE) over concerns that it inflated the RBZ debt, but the…
HARARE – RioZim’s largest shareholder, Gem RioZim Investments Limited (GEM), has increased its shareholding in the listed mining group from 24,97 percent to 28,3 percent. This follows shareholders’ approval to issue two million ordinary shares to GEM in settlement of a fee to underwrite RioZim’s $10 million rights issue. Market analysts, however, said GEM is…
HARARE – Zimbabwe’s High Court has dismissed businesswoman Jane Mutasa’s bid to block the sale of Empowerment Corporation (Private) Limited (EC)’s 40 percent stake in Telecel Zimbabwe (Private) Limited (Telecel), thus further muddying the investment firm’s boardroom wars. The ruling, however, comes as the government has threatened to cancel the mobile operator’s licence and EC…
HARARE – Troubled AfrAsia Bank Zimbabwe Limited (ABZL) has surrendered its banking licence after its Mauritian shareholder gave up on turning around the bank’s fortunes. Apart from a Reserve Bank of Zimbabwe (RBZ) statement confirming the development, insiders said the bank’s $100 million contingency liabilities — arising from Zach Wazara’s $80 million lawsuit and others…
HARARE – The Zimbabwe Power Company (ZPC) plans to embark on a debt restructuring exercise, with the group floating a tender seeking a “strategy consultant”. The energy company — a subsidiary of power utility Zesa Holdings — is currently battling to pay a four-year-old $12 million debt owed to coal miner Makomo Resources, among other…
HARARE – The Zimbabwe Stock Exchange (ZSE) has given Meikles Limited (Meikles) a seven-day ultimatum to “respond to issues” concerning overstatement of its $90 million debt owed by the central bank. This comes as the diversified group’s week-long suspension from the bourse was lifted on Monday after a successful High Court challenge. Alban Chirume, the…
HARARE – The Zimbabwe Stock Exchange (ZSE) yesterday lifted Meikles Limited (Meikles)’s suspension from trading on the local bourse after baulking at the conglomerate’s High Court challenge. In its papers, the diversified group had sought to challenge its suspension on account of section four of the Administrative Justice Act (AJA) and that it was not…
HARARE – LamudiI, a realtor with operations in 32 countries, says Zimbabwe’s property market remains attractive despite the country’s deteriorating economy. Mustafa Suleimanji, the group’s managing director for Tanzania, Zimbabwe, Zambia and Mozambique, said he views the Zimbabwean market as an important platform for Lamudi’s growth in Africa. He said Zimbabwe is experiencing “increased construction…
HARARE – Cigarette maker British American Tobacco Zimbabwe (BAT Zimbabwe) increased its capital expenditure to $2,2 million in the year to December 2014 from $1,2 million prior year. During the period under review, the Zimbabwe Stock Exchange-listed group registered a 256 percent increase in post-tax profit to $13,5 million from $3,8 million. Peter Doona, the…
